EFCC investigates ex-banker over alleged N515 million diversion

The Economic and Financial Crimes Commission (EFCC) is investigating a former bank operations manager, Obinna Nwaobi, over the alleged diversion of N515 million from an account belonging to a customer, DAHUA Paper Company.

According to a statement from EFCC spokesperson Dele Oyewale on Thursday, the commission received a petition at its Enugu zonal from the bank on 22 June, alleging that the money was withdrawn from the company’s Debt Service Reserve Account (DSRA) without authorisation.

The withdrawals, according to the petition, were made in three transactions of N200 million, N150 million and N165 million on 17 July 2024.

The bank alleged that the transactions were processed at its Okpara Avenue branch in Enugu using forged documents and authorised by Mr Nwaobi, who was then its head of operations.

It said the account had been reactivated in June 2024 but was not placed on a Post No Debit (PND) restriction, which should have prevented withdrawals.

The EFCC stated that preliminary investigations showed that the account was opened for the repayment of a Bank of Industry loan and was not meant for ordinary transactions.

It said withdrawals or transfers to third parties from such accounts require approval from the account officer, regional manager and credit monitoring team. The commission alleged that the N515 million transactions were carried out without the required approvals.

The investigation comes as Mr Nwaobi is also facing trial on charges of diverting $510,000 belonging to another customer of Access Bank, Lantern Gate Nigeria Limited.

He was arraigned before the Federal High Court in Enugu in November 2025 on nine charges of forgery and criminal diversion.

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The EFCC alleged that the money was transferred to six different accounts without the customer’s approval. One of the charges accused Mr Nwaobi of inducing the bank to transfer the funds on the false pretence that Lantern Gate had authorised the transactions.

He pleaded not guilty to the charges. The court granted him bail in the sum of N250 million, with three sureties in like sum, and adjourned the case to 10, 11 and 12 March 2026 for trial.

The EFCC did not name the bank involved in the latest N515 million allegation, although it said the transactions were processed through its Okpara Avenue branch in Enugu.

The commission said Mr Nwaobi would be charged in connection with the latest allegation after investigations are concluded.